Business News

SID Bank Provides EUR 40M for Hidria Car Technology Projects

Idrija, 14 December (STA) - The state-owned SID development and export bank approved on Monday a EUR 40m loan to industrial conglomerate Hidria for the conglomerate's projects in electric and diesel car technology.

The bank decided to finance the projects due to Hidria's know-how and due to its proven track record in development.

Hidria is aiming to further improve the technology used in electric vehicles, making them more effective and extending their range from 50 to 150-200 kilometres on single charge.

Hidria is also working on improving steering systems to make driving at high speed safer and improve handling at low speed.

The conglomerate is aiming to reduce emissions of diesel-fueled vehicles by developing a special system that is to be integrated into new generation diesel motors which will meet the Euro5 and Euro6 emission standards for engines.

The money comes from SID's EUR 136m automotive industry fund comprising EUR 80m in European Investment Bank (EIB) financing and EUR 56m of the bank's own money.

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